Good evening. The S&P 500 ended the week up 1.7%, which was also the last full week of November as we go into Thanksgiving week, where the markets will have a short week with not many economic events happening. Here are the top stocks to watch this week and what’s moving the markets.

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Top Stocks & Setups To Watch This Week

• $META
Break above 577.16 🎯 588.54 & 599.66
• $PLTR
Break above 65.77 🎯 68.39 & 71.33
• $AAPL
Break above 230.10 🎯 233.47 & 237.49
• $UBER
Break above 72.04 🎯 74.31 & 76.40
• $CAT
Break above 403.06 🎯 408.21 & 416.88
• $DIS
Break below 112.77 🎯 110.25 & 109.12

KV’s S&P 500 Levels

Weekly Market Recap

Valuation Concerns

Current stock-market valuations, with a forward P/E of 22, are 30% above historical averages, suggesting tempered expectations for long-term returns. Valuations have expanded significantly over the last two years, boosting market performance. However, repeating this in 2025 may prove challenging. Diversification offers opportunities, as sectors like small caps and international stocks trade closer to historical averages.

Tech Shifts

While NVIDIA and other tech giants continue to drive strong earnings, investor expectations are high, leading to mixed market reactions. The tech-heavy Nasdaq 100 has leveled off since July, indicating consolidation. Other sectors, including financials and industrials, are taking the lead, reflecting healthier market dynamics. AI adoption remains a long-term growth driver, supporting diverse sectors beyond technology.

Tariff Inflation

Proposed universal tariffs could lead to a one-time price adjustment, raising inflation concerns. History shows tariff impacts are often mitigated through currency adjustments, supply chain shifts, or retailer absorption of costs. Though tariffs may add modest inflationary pressure, services inflation, not goods, will be key in 2025. A broad policy mix could counterbalance trade uncertainties, benefiting domestic-focused equities.

Coming Up…

Important economic releases this week include PCE inflation and consumer confidence. On the earnings front, DELL, CRWD, ZM, and WDAY are expected to report this week.

Key Headlines We’ve Been Reading

This is what’s caught our eye over the past 7 days.

• MicroStrategy’s $26 billion bitcoin cache is larger than IBM, Nike cash holdings.
• US pump prices court three-year low as holiday travel roars back.
• Wall Street is optimistic about Trump 2.0.
• Archegos' Bill Hwang sentenced to 18 years in prison for massive US fraud.
• Apple readies more conversational Siri in bid to catch up in AI.

Trading Quote Of The Week

That was it for this week!

Stay safe,
KV 👋

Week #48 | November 24, 2024

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